PM okays FTA talks with Gulf countries
PRIME Minister Manmohan Singh has authorised the ministries of external affairs and commerce & industry to begin negotiations with the Gulf Cooperation Council to conclude an India-GCC Free Trade Agreement.
By TNN |
NEW DELHI: PRIME Minister Manmohan Singh has authorised the ministries of external affairs and commerce & industry to begin negotiations with the Gulf Cooperation Council (GCC) to conclude an India-GCC Free Trade Agreement (FTA). He has also approved negotiations with individual member countries of GCC like UAE, Kuwait, Qatar, Oman, Bahrain and Saudi Arabia for a comprehensive economic cooperation agreement (CECA) covering the services sector and investment.
Chairing a meeting of the Trade & Economic Relations Committee (TERC), Mr Singh said the Gulf region, like south-east and south-Asia, is part of ���our natural economic hinterland���. ���We must pursue closer economic relations with all our neighbours in our wider Asian neighbourhood. India has successfully pursued a ���Look East��� policy to come closer to the countries of south-east Asia. We must similarly, come closer to our western neighbours in the Gulf,��� Mr Singh said.
The country���s ���Look East��� policy has facilitated negotiations on a FTA with members of ASEAN. India recently concluded a CECA with Singapore and is negotiating an FTA with Thailand. India has an FTA with Sri Lanka and is committed to a South Asian FTA.
The new initiative towards the GCC member countries will bring the economies of the Persian Gulf closer to India.
The TERC meeting was attended by external affairs minister Natwar Singh, finance minister P Chidambaram, commerce & industry minister Kamal Nath, National Security Advisor MK Narayanan and senior officials of the Prime Minister���s Office.
Chairing a meeting of the Trade & Economic Relations Committee (TERC), Mr Singh said the Gulf region, like south-east and south-Asia, is part of ���our natural economic hinterland���. ���We must pursue closer economic relations with all our neighbours in our wider Asian neighbourhood. India has successfully pursued a ���Look East��� policy to come closer to the countries of south-east Asia. We must similarly, come closer to our western neighbours in the Gulf,��� Mr Singh said.
The country���s ���Look East��� policy has facilitated negotiations on a FTA with members of ASEAN. India recently concluded a CECA with Singapore and is negotiating an FTA with Thailand. India has an FTA with Sri Lanka and is committed to a South Asian FTA.
The new initiative towards the GCC member countries will bring the economies of the Persian Gulf closer to India.
The TERC meeting was attended by external affairs minister Natwar Singh, finance minister P Chidambaram, commerce & industry minister Kamal Nath, National Security Advisor MK Narayanan and senior officials of the Prime Minister���s Office.
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